Winning Bizness Desk
Mumbai. It's been more than a year since the war began in Eastern Europe which has caused destruction on a large scale. Due to this, thousands of common citizens including soldiers have been killed and lakhs of people have been rendered homeless. The effect of the war is being seen thousands of kilometers away from Eastern Europe. The whole world is paying the brunt of the ongoing war between Russia and Ukraine in the form of record inflation. Be it the neighboring country Pakistan or a developed country like Britain, the scarcity of many essential food items in the market and the skyrocketing prices are making life difficult for a large population all over the world. But some selected oil and gas companies of the world are earning handsomely after the start of the war. These companies are making huge profits. Even the arms manufacturing companies could not earn such income in the first and second world wars. In these too, especially the profits of the oil companies of America are at a historical level.
profit of $195 billion
The list of companies we are talking about is not very long. Their names are Chevron, ExxonMobil, Shell, BP and TotalEnergies. The war began in February last year, when Russian President Vladimir Putin ordered an attack on Ukraine. That is, almost the whole of last year was in the grip of war and only in 2022 these five oil companies earned a huge profit of $195 billion. This figure has been given in a report after assessing the financial results of the five companies. This figure of profit is about 120 percent more than the year before i.e. 2021. Not only this, but this is the biggest profit in the history for the oil and gas industry.
Record profit earnings
First of all, let's talk about ExxonMobil. This one of the world's largest oil and gas company is at the forefront of winning the war in terms of earning profits. This company alone has earned a profit of $ 56 billion, which is 1.5 times more than its 2021 profit. Meaning the company earned a profit of $ 6.3 million every hour last year. This is the biggest profit in the 152-year history of ExxonMobil. Also, when the whole world is scared of the possibility of economic recession and big companies are resorting to layoffs and salary cuts to reduce costs, this American oil company has given a 52 percent salary hike to its Chief Executive Darren Woods . After this, Woods' salary has increased to $ 36 million. Apart from this, he has also got a bumper hike of 80 per cent in bonus and stock awards. The company's stock also rose 160 percent last year. US President Joe Biden himself has expressed surprise over the profits of ExxonMobil. Commenting on the company's profit, he said that ExxonMobil is earning more money than God.
370 billion dollars made from war
Funny part is that this figure is till November 2022 only. The war continues even after that and now the month of May is going on, which means the figures are about four and a half months back. From November 2022 till now, neither the war has ended nor the speed of earning profits of these oil companies has slowed down. Taking the average according to which these companies have earned till November 2022, these companies have earned an extra profit of about $75 billion in the last four months. Means these 5 oil companies have made a profit of more than $370 billion so far due to the war between Russia and Ukraine.